The Influence Mechanism And Effect Of Credit Constraints On Heterogeneous Firms' Expors In China

Traditional Trade Research focuses more on production costs in the lens of comparative advantage along with few concentrations on trade-related trade costs' credit constraint problem.As a momentous measuring index for firms' and even contries' trading competence,production cost's impact cannot be neglected.But the focus intensity of production cost's or trade cost's capital source problem cannot be compared to their real importance.With the initiation,developments and perfection of Heterogeneous Firm Theory,scholars are able to study firm's exporting endowments based on a new paradigm.As an indispensible factor,the existence of credit constraints and its restraints on firm's initial production,extensive margin and intensive margin makes the nexus of credit constraints and firms'exports a focal piont in the academic spectrum.The 2008 global financial crisis has made both the global credit market and trade financial market shrink fiercely,which led to a sharp decline of both China's exports and economic development along with the outside demands' being in low level.Given the severe condition of credit constraints,it's common that firms' going bankruptcy owing to bad exporing behaviors.On the contary,there are also firms enjoying an exporting bursts owing to financial-innovation-rendered unique advantage.It's fair to say that our understanding,regulation and reshuffling of credit constraints problem will become the new momentum for firms' exporting endowments'promotion and exporting trade's sustainable development,especially on the background of China's firms' persistent decline pf trade costs,product quality's gradual promotion and industry strucure's development.Current research on the nexus of credit constraints and firms' exports focuses on its measurements and impacting factors.It worths noting that current measurements based on current definition,classification and analysis of credit constraints cannot satisfy the need of deep analysis on heterogeneous credit constraints' impact on firms' exports in both different stages and different aspects.Hence,we make a new pragmatic classifiction on the concept of credit constraints based on the heterogeneity of credit constraints' curbing effects.Based on the platform of Heterogenous Firm Theory,we studied different credit constraints'heterogeneous impacting machanism on firms' exports and provided a empirical analysis on this issue using China's corresponding data.Our results shows that there exists a negtive relationship between credit constraints and firms' exports while the main factor should be pinpionted to the availability of credit constaints.Statistically,the constrain effect on firms' exports of the availabality of credit constaints is bigger that credit cost constraints.The extence of the impacts of credit constaints on firms'exports varies from firm to firm.This paper's structure is arranged as below.First,we tackle with the study bachground and study meaning of this issue and briefly introduce the research approaches,content structure,innovations and shortcoming needed to be addressed in the future.In Chapter Two,we provide a detailed introduction about the definiton and classifications of credit constraints.Based on our judgments on the current research,we perfect the current classification in order to serve our study well.Chapter Three focuses on the impacting mechanism of credit constraints on firms'exports and give a theretical explaination of the vaition of firms' exports under credit constraints.Chapter Four provide a deep empirical analysis on this issue.In the last chapter,we further piont out the study results and policy implications.